RingCentral, Inc. (NYSE:RNG) CFO Sonalee Elizabeth Parekh Sells 9,913 Shares

RingCentral, Inc. (NYSE:RNG) CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total value of $331,589.85. Following the sale, the chief financial officer now directly owns 358,622 shares in the company, valued at $11,995,905.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Sonalee Elizabeth Parekh also recently made the following trade(s):

• On Tuesday, May 28th, Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock. The stock was sold at an average price of $34.85, for a total value of $295,458.30.

RingCentral Trading Up 3.0 %

RNG stock opened at $33.82 on Friday. The business’s 50-day moving average is $31.26 and its 200 day moving average is $32.54. RingCentral, Inc. has a 12-month low of $25.08 and a 12-month high of $38.35. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of -22.70, a PEG ratio of 2.63 and a beta of 1.03.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, August 1st. The software maker reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $592.91 million during the quarter, compared to analysts’ expectations of $586.39 million. During the same period last year, the business earned ($0.03) earnings per share. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, equities analysts forecast that RingCentral, Inc. will post 0.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on RNG shares. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, August 5th. Mizuho raised their target price on RingCentral from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Wedbush restated a “neutral” rating and set a $40.00 target price on shares of RingCentral in a research report on Thursday, May 9th. Piper Sandler dropped their target price on RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Finally, UBS Group raised their target price on RingCentral from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $40.07.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC purchased a new position in RingCentral in the 4th quarter worth approximately $938,000. Panagora Asset Management Inc. raised its position in shares of RingCentral by 24.0% during the 4th quarter. Panagora Asset Management Inc. now owns 119,844 shares of the software maker’s stock valued at $4,069,000 after buying an additional 23,184 shares during the period. Monaco Asset Management SAM purchased a new stake in shares of RingCentral during the 4th quarter valued at approximately $1,358,000. Natixis purchased a new stake in shares of RingCentral during the 1st quarter valued at approximately $837,000. Finally, Vanguard Group Inc. raised its position in shares of RingCentral by 3.8% during the 4th quarter. Vanguard Group Inc. now owns 10,371,224 shares of the software maker’s stock valued at $352,103,000 after buying an additional 382,343 shares during the period. 98.61% of the stock is owned by hedge funds and other institutional investors.

About RingCentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.